peHUB First Read

* David Ignatius: How hedge funds got it right on risk. * Silicon Valley startup reinvents the lowly brick. * Is Delaware's antitakover statute unconstitutional? * Morning Call: U.S. futures point higher, London rises early, European shares fall on banks, the Nikkei slides 2.6% and Chinese shares drop on metals. * PAI Partners' investors reject the firm's offer to cut the size of its latest buyout fund in half, basically saying that the offer isn't good enough. * Business school applications are still on the rise, but the rate of increase has flattened. * 37signals founder Jason Friedman pokes fun at the hype over Twitter's $1 billion valuation, announcing that his company is now valued in excess of $100 billion.